All Forum Posts by: Anthony Simboli

@Sarah Brown Thanks Sarah! So you still have a monthly PMI with the 5% conventional? Would it be the same 0.85% monthly? And as far as the process for having it removed over time, do you have information on that or could you point me somewhere that explains. Thanks!

@Darius Ogloza thanks for the information. It was my understanding there is still a monthly premium with the 5% conventional. Or was I misinformed? Is it just the 5% down? Thank you

Hoping to get some traction on this. Any feedback bp?! Thanks

FHA vs 5% Conventional

I've used FHA in the past (3.5% down, 1.75% up from MIP, 0.85% Monthly MIP), and I've been hearing about 5% conventional. If my math is right 3.5% + 1.75% would be more upfront, is it because you can roll the 1.75% into your payments? Any information or links to how the conventional 5% down loan works would be great. Pro's & Con's of the 5% conventional.

*Forgot to add, I'll be owner occupying 1 unit for at least 1 year* 

Thanks!

@Rada Vassileva interesting method outside of calling the town halls for future developments is to search the towns on social media platforms and search those towns to see what's been trending. You can look for new restaurants, businesses, schools etc. and people often write reviews or comment. You can get a lot of information to see what's "up and coming" or reviews about how good or bad things have been. It's just a different way at looking at things.

@Rada Vassileva I would agree with Bonnie, and add to that it's just as important if not more important to evaluate the surrounding towns and neighborhoods. You can often find trends that could help indicate what may happen in the town you're buying into.

Hey @Paxton R Nicholas - Also from NH!

Even if you're "upside down" on your mortgage, as long as the payments are being made, there is nothing that the bank can do to foreclose your house. 

With that said. I have not experienced something like the 2008 crisis, so what I cannot speak to is if a bank goes out of business. 

Would be interested to see if others have input on this thread. Good topic!

I think anytime is a good time to invest in real estate you just need to think differently about how and why you're buying. 

If you're concerned about the market, don't buy with the assumption of short - mid term appreciation. You can always wait for the "perfect" market, but you'll likely never find it.

I wouldn't say you have bad deals. I think you may have overlooked a few things before purchasing but that doesn't mean your properties are bad. At a high level you're calculating correctly and you've noticed expenses along the way. 

Going forward calculate those expenses in. Now remember, the more you have the less you personally can do so it's best to include some sort of property management percentage (~10%).

We're in an interesting time where if you calculate your numbers with all of that included now, and based on how much you owe, it might be a good time to sell them and reinvest that capital into new deals with more thought through calculations!

Communication skills. Are they proactive about making their client a priority? Do they listen to their clients goals? Do they want to look at properties with their client? 

Communication is always key for me